UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

15.2 Impact of transactions with members Changes in the Group’s IFRS equity during fiscal year 2023 During fiscal year 2023, the regional mutuals reduced their issue of mutual certificates to their members and customers for -€1 million.

Accounting treatment of subordinated bonds classified as equity instruments Loans categorised under shareholders’ equity are perpetual subordinated bonds detailed as follows:

Nominal (in millions of euros)

Issue date Next issuer repayment option Coupon Coupon rate Step ‑ up clause

Issued by

Groupama Assurances Mutuelles

871 28.05.2014

28.05.2024 Fixed

6.375%

Yes

This loan presents the following particular features:

Taking into account the terms, and pursuant to IAS 32 sections 16 and 17, the loan is considered an equity instrument and not a financial liability. It is therefore recognised under shareholders’ equity. Interest costs net of tax are charged directly against shareholders’ equity in accordance with IAS 32 section 35 (rather than as an expense in the income statement).

unlimited term; ❯ the ability to defer or cancel any interest payment to unitholders in a discretionary manner; ❯ an interest “step ‑ up” clause triggered in the tenth year of the loan. ❯

15.3 Reserves related to changes in fair value recognised in shareholders’ equity The reconciliation between unrealised capital gains losses on assets at FVOCI and the corresponding reserve in Group’s IFRS equity may be broken down as follows: (in millions of euros) 31.12.2023 31.12.2022 Unrealised gains and losses gross of value adjustments on financial investments measured at FVOCI (recyclable) (2,107) (4,130) Value adjustments on financial investments measured at FVOCI (recyclable) 31 22 Unrealised gains or losses on financial investments measured at FVOCI (non ‑ recyclable) 866 411 Cash flow hedge and other changes (134) (136) Deferred taxes 455 1,034 Non ‑ controlling interests 1 5 NET REVALUATION RESERVE–GROUP SHARE (887) (2,793)

The figures presented for 31 December 2022 are pro forma .

15.4 Unrealised capital gains/losses gross of value adjustments on financial investments measured at FVOCI

31.12.2022

31.12.2023

Assets measured at fair value through equity (recyclable)

Total assets measured at fair value through equity

Total assets measured at fair value through equity

Assets measured at fair value through equity (non ‑ recyclable)

Assets measured at fair value through equity (non ‑ recyclable)

Assets measured at fair value through equity (recyclable)

(in millions of euros)

OPENING GROSS UNREALISED CAPITAL GAINS/LOSSES Revaluation for the period at fair value

(4,130)

411

(3,719)

5,512

863

6,375

2,003

476

2,479

(9,337)

(422)

(9,759)

Write ‑ back of unrealised OCI following disposal

24

(21)

3

(307)

(29)

(337)

Foreign exchange variation

(2)

(0)

(3)

2

(0)

2

Change in scope of consolidation

(1)

0

(1)

0

0

0

Other

0

0

0

(0)

0

0

CLOSING GROSS UNREALISED CAPITAL GAINS/LOSSES

(2,107)

866

(1,241)

(4,130)

411

(3,719)

The figures presented for 31 December 2022 are pro forma .

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES